white and black abstract illustration by Morgan Housel courtesy of Unsplash.

Q1 2025 Client Letter

David Bryant |

There was no shortage of market-moving events in Q4. The stock market opened the quarter with a slow start in October, but the outcome of the presidential election triggered a broad rally in November. The rally faded as the year ended, although the S&P 500 trades only a few percentage points below its all-time high.

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